Pivots are the worst thing i came across
After studying pivot points i started trading however in my trading research, it is the worst thing i came across because Its based on previous day hlc/3 information, but after deep study …..
based on your deep research what does that even mean, you read a couple of online articles!
Its because i have seen charts like GOLD which keeps rising for days without giving any pullback, They dont respect Previous daily candle's OHLC based pivot points, but they respect swing structure based concepts like elliot waves more, because in swings ABCDE AB and CD may have unlimited lengths, but in pivot you are sticked to watch price action on ranges which are derived from previous daily candle which is never a good idea for charts where continuation is huge, like 10x of previous daily candle and you cant ignore this, it happens on every chart. No chart sticks to consolidation ranges always where pivot seems to work well.
Its because i have seen charts like GOLD which keeps rising for days without giving any pullback, They dont respect Previous daily candle's OHLC based pivot points, but they respect swing structure based concepts like elliot waves more, because in swings ABCDE AB and CD may have unlimited lengths, but in pivot you are sticked to watch price action on ranges which are derived from previous daily candle which is never a good idea for charts where continuation is huge, like 10x of previous daily candle and you cant ignore this, it happens on every chart. No chart sticks to consolidation ranges always where pivot seems to work well.
After studying pivot points i started trading however in my trading research, it is the worst thing i came across because Its based on previous day hlc/3 information, but after deep study in technical analysis I found that market does not majorly move based on pivots but yes it follow up for sure but these levels are not sustainable for long term accuracy. But in contrary to that regardless for how many hours a market operates, I found its always followed up with better accuracy if a swing is studied. For example, A swing may keep building up for 3 days as you may have seen price of Gold rising continuously, in this case Pivot won't be useful as it will be giving only resistances which will also be broken upside and wont work for reversal trading and until a swing is completely built up, it wont give us further idea to study market. I welcome the feedback on what you think Pivot or Swing based method is useful for you?
A market can only follow pivot if it keep in ranges which is not possible, any chart will someday breakout huge either upside or downside and it becomes unstoppable, that day will wash out account balances of day traders who trade with huge leverage. But if you study swings, it works in both cases, if price is continuously rising or it is in range.
This your research is shallow cause you only based your study on daily pivot points. Try using the weekly pivot points levels and you will see how the market ''dances'' to those levels. Weekly pivots don't repaint untill the end of the week which makes them extremely useful in trading. Try trading weekly pivot levels and you will thank me later
Pivots are great. You need to distinguish trend from sideways. It takes a bit of practice. In the trend you follow the trend, you can either enter at the breakout of pivot point or the bull back to the pivot (in a very strong trend) or below (for example to 0.5 to 0.681 of Feb, Supply Demand Zone or other technique) in medium strength trend.
Better to stay away from sideways market ( or choppy market) but if you really want to, you can use pivots as support and resistance. More risky, success rate will be lower.
After studying pivot points i started trading however in my trading research, it is the worst thing i came across because Its based on previous day hlc/3 information, but after deep study in technical analysis I found that market does not majorly move based on pivots but yes it follow up for sure but these levels are not sustainable for long term accuracy. But in contrary to that regardless for how many hours a market operates, I found its always followed up with better accuracy if a swing is studied. For example, A swing may keep building up for 3 days as you may have seen price of Gold rising continuously, in this case Pivot won't be useful as it will be giving only resistances which will also be broken upside and wont work for reversal trading and until a swing is completely built up, it wont give us further idea to study market. I welcome the feedback on what you think Pivot or Swing based method is useful for you?
A market can only follow pivot if it keep in ranges which is not possible, any chart will someday breakout huge either upside or downside and it becomes unstoppable, that day will wash out account balances of day traders who trade with huge leverage. But if you study swings, it works in both cases, if price is continuously rising or it is in range.
I think floor pivots are best levels for day trading if you use corectly.
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After studying pivot points i started trading however in my trading research, it is the worst thing i came across because Its based on previous day hlc/3 information, but after deep study in technical analysis I found that market does not majorly move based on pivots but yes it follow up for sure but these levels are not sustainable for long term accuracy. But in contrary to that regardless for how many hours a market operates, I found its always followed up with better accuracy if a swing is studied. For example, A swing may keep building up for 3 days as you may have seen price of Gold rising continuously, in this case Pivot won't be useful as it will be giving only resistances which will also be broken upside and wont work for reversal trading and until a swing is completely built up, it wont give us further idea to study market. I welcome the feedback on what you think Pivot or Swing based method is useful for you?
A market can only follow pivot if it keep in ranges which is not possible, any chart will someday breakout huge either upside or downside and it becomes unstoppable, that day will wash out account balances of day traders who trade with huge leverage. But if you study swings, it works in both cases, if price is continuously rising or it is in range.